Burlington junior college
Subject:- B. K.
Marks:- 30
First Unit Test Examination
Q. 1) Objective Questions:- (20 marks)
A) Write the word/phrase/term, which can substitute each of the following sentences. (5 marks)
1) Persons who form the partnership firm.
2) Act under which partnership firms are regulated.
3) Under this method capital balances of partners remains constant.
4) The account to which all adjustment are made when capital is fixed.
5) An asset which can be converted into cash casily.
B) State whether the following statements are True of False with reasons: (5 marks)
1) Partnership firm is a Non Trading Concern.
2) Carriage Inward is carriage on purchases.
3) Prepaid expenses are treated as liabilities.
4) Balance sheet is an Account.
5) Income received in advance is a liability. 10) R.D.D is created on creditors.
C) Complete the sentence:- (5 marks)
1) The expenses paid for trading purpose are known as .......... expenses.
2) Cash receipts which are recurring in nature are called as........ Reciepts.
3) Return outward are deducted from........
4) Expenses which are paid before due date are called as.........
5) Assets which are held in the business for a long period are called....
D) Do you Agree/Disagree with the statement. (5 marks)
1) The Indian Partnership Act, came into existence in the year 1945.
2) Profit and Loss Account reflects the true Financial position.
3) Amount borrowed by partner from his business will be debited to Current Account.
4) All financial expenditures are debited to profit and loss account
5) Free distribution of goods is debited to trading account.
Q. 2) Write down the effects of given adjustments:- (10 marks)
1) Closing Stock
2) Prepaid Expenses
3) Outstanding Income
4) Depreciation
5) Good lost by fire
